Finance Minister Mohammed Amin Adam announced a proposal to reduce the 2024 budget by approximately GH¢21.69 billion.
The government seeks to lower the appropriation from the initially approved GH₵259.05 billion to GH¢237.36 billion.
The Finance Minister disclosed this in the 2024 Mid-Year Budget review that he presented to Parliament on Tuesday, July 23.
According to him, this decision stems from the government’s optimistic approach to addressing economic challenges, resulting in significant progress.
He stated, “Our economy is rebounding, evidenced by the stability we have demonstrated. Our progress enables us to be confident about the future.”
Amin Adam emphasized that the Mid-Year Fiscal Policy Review showcases the government’s dedication to fiscal consolidation, economic growth, and the protection of vulnerable populations.
“This is the result of effective implementation of the policies and programs outlined in the 2024 Budget. Together, we have successfully navigated challenges in the last seven months.”
The Appropriation Bill, 2023, passed by Parliament in December 2023, initially allowed the government to withdraw GH₵259.05 billion from the Consolidated Fund and other public funds for 2024 expenditures.
This bill aligns with the constitutional requirement under paragraph (a) of clause (2) of Article 179 of the Constitution, which mandates that estimates of public office expenditures be included in an Appropriation Bill to authorize fund disbursement.
According to the Bill, a sum not exceeding GH₵259.05 billion would be issued from the Consolidated Fund and other public funds from January 1, 2024, to December 31, 2024.
Additionally, the Bill permits certain Ministries, Departments, and Agencies (MDAs) to retain and utilize GH₵12.33 billion during the financial year starting January 1, 2024, and ending December 31, 2024.
